An affiliate of Endurance Real Estate Group, LLC (“Endurance”) and CenterSquare Investment Management is pleased to announce the signing of a new 318,872 square foot lease at the 485 Distribution Center (“485DC”) in Shiremanstown, PA to Dayton Parts (“Dayton”), an international truck parts manufacturing firm. Lee & Associates Principals, Joel Kreider, John Van Buskirk and Vice President Ed Skonecki represented the landlord. Dayton was represented by NAI CIR Principal Jack Shepley.
“This transaction, coupled with the 137,398 square foot lease we signed three months ago, brings 485DC’s occupancy to 100%. Achieving project stabilization shortly after completing our redevelopment of the entire site is a testament to tenant demand for functional, in-fill product with modern building features” said Albert J. Corr, Senior Vice President of Asset Management at Endurance. Corr added “We are excited Dayton chose to relocate their corporate headquarters to our project”. “With the signing of this lease, Dayton Parts is now able to transition to a modern facility that offers tremendous benefits for us on many different levels”, said Paul Anderson, President and CEO of Dayton. “With this move, we will be able to accelerate our growth and enhance our already high levels of service to our customers.”
The renovation and construction of the 456,270 SF project at the 485 Distribution Center was completed in September 2018.
The entire facility is equipped with an ESFR sprinkler system, high efficiency T-5 fluorescent lighting, a 188’ truck court, 60’ concrete dock apron, significant parking for cars and trailers, and an approximately 1 per 6,000 SF loading dock ratio at full build-out.
About Endurance Real Estate Group
Founded in 2002, Endurance is a Radnor, Pennsylvania-based real estate owner/developer focused on income and value creation opportunities in the Mid-Atlantic region with a concentration in regional and bulk warehouse/distribution assets and office. Endurance’s current portfolio consists of 3.8 million square feet of warehouse/distribution, flex, and office assets. Affiliates of Endurance have closed on six (6) separate transactions over the last 2 years, totaling approximately 2.0 million square feet of warehouse, distribution, and flex space and are currently under development of a 1.1MSF warehouse in Northeastern, PA. For additional information on Endurance, please visit our web page at www.endurance-re.com and follow us on Twitter at https://twitter.com/EnduranceREGrp
CenterSquare Investment Management is a global investment manager focused on actively managed real estate and infrastructure strategies. As specialists in real assets, CenterSquare executes investment strategies designed to enhance the performance and resiliency of its clients’ investment portfolios. CenterSquare is owned by a partnership between its management team and private equity partner Lovell Minnick Partners, and is headquartered in Philadelphia with affiliate offices in Los Angeles, London and Singapore. As of June 30, 2018, CenterSquare manages over $10 billion in assets on behalf of some of the world\’s most well-known institutional and private investors.
About Dayton Parts
Established in 1922, Dayton Parts is the premier supplier of undercarriage parts (leaf springs, suspension, steering and brake components) to the medium and heavy duty truck independent aftermarket. In addition to this new facility in Shiremanstown, Dayton Parts has distribution warehouses in Lewisville TX, Las Vegas NV, Edmonton Alberta and Mississauga Ontario. Dayton Parts is also the largest manufacturer of leaf springs in the USA and Canada with plants in Harrisburg, PA and Durant, OK.
About Lee & Associates of Eastern Pennsylvania
Lee & Associates of Eastern Pennsylvania began operations in May 2015 under the leadership of Principals Brian Knowles, CCIM, SIOR and John Van Buskirk, SIOR. Long recognized individually as national leaders in the industrial real estate business, they have chosen to take their over 45 years of combined real estate experience in a new direction – as broker-owners of this new initiative. Lee & Associates of Eastern Pennsylvania is committed to providing market leading research and support, while remaining grounded in exceptional client service. For the latest news from Lee & Associates of Eastern Pennsylvania, follow us on Facebook, LinkedIn and Twitter or visit us on the web at www.lee-associates.com/pennsylvania.